Domain‐specific risk attitudes and aging—A systematic review

Abstract

AbstractRisk attitudes have a significant impact on human decision making. In contrast to the conventional assumption of stable, universal risk attitudes, previous research has found domain‐specific and age‐related differences in risk attitudes. For this reason, a systematic review including 19 studies was conducted to evaluate the relationship between self‐reported risk attitudes and aging in different domains of decision making. The results suggest a negative relationship between aging and self‐reported risk attitudes. Age‐related differences in risk attitudes also vary between different domains. Nine studies examined general risk attitudes, with eight finding a negative relationship with aging. Eight out of 11 studies found a negative relationship in the financial domain. All nine studies in the health domain identified a negative association as well. The seven studies included in the social domain showed mixed results. All six studies in the recreational domain identified a negative association. Four out of five studies in the ethical domain found a negative relationship. The three studies included in the driving and career domain also showed negative relationships between risk attitudes and aging. Potential policy implications are discussed.